Question
James transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of
James transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock from Shull company. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. James's tax consequences are: What is basis for land and equipment of Shull company respectively?
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The Practice Of Modern Internal Auditing
Authors: Lawrence B Sawyer
1st Edition
B0006C58OA, 978-0894130120
